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German Bank Gearing Up to Launch Cryptocurrency Fund

by Daily Hodl Staff
December 7, 2020
in Altcoins, Bitcoin

Hauck & Aufhäuser, one of Germany’s oldest banks, is partnering with Berlin-based fintech company Kapilendo to launch a fund aimed at investing in crypto assets.

According to Fundview, Hauck & Aufhäuser is set to roll out the crypto fund under its digital assets arm, Hauck & Aufhäuser Innovative Capital (HAIC) in January 2021. The HAIC Digital Asset Fund I will focus on three crypto assets, namely Bitcoin (BTC), Ethereum (ETH) and Stellar (XLM). The German media outlet highlights that the fund will pursue a passive investment strategy.

The German bank’s foray into the crypto markets is a telling sign of the growing acceptance and attractiveness of cryptocurrencies in Germany, says Hauck & Aufhäuser Privatbankiers chairman Michael Bentlage.

“Forecasts predict a growing demand for fund products for digital assets and we are also seeing strong interest on the customer side. Therefore, it is important for us to set the right course at an early stage and to give our customers access to this innovative asset class.”

In September, Hauck & Aufhäuser secured a license for HAIC from the country’s Federal Financial Supervisory Authority or BaFin. Earlier this year, the BaFin classified Bitcoin and cryptocurrencies as legal financial instruments in Germany.

“[They are defined] as digital representations of a value that has not been issued or guaranteed by any central bank or public body and is not necessarily linked to a currency specified by law and that does not have the legal status of a currency or money, but is accepted as a medium of exchange by natural or legal persons and can be transmitted, stored and traded electronically.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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